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CAC 40 Continues Ongoing Consolidation Pattern

CAC 40 Continues Ongoing Consolidation Pattern

2016-11-29 16:31:00
Walker England, Forex Trading Instructor

Talking Points:

The CAC 40 has started the Tuesday’s trading higher, and currently up +0.78% for today’s session. However despite today’s gain, the Index remains in a notable consolidation pattern. Individual daily winners for the CAC 40 includes Kering (+2.46%) and Vivendi (+2.24%). The decliners list is led by Technip (-1.87%) and ArcelorMittal (-1.25%).

Technically, the CAC 40 is working on closing the session by consolidating for the 12th consecutive session. As seen below, the Index has failed to make a significant high since the November 10th high of 4,606.70. Also, the CAC 40 has failed to make a new low under the November 11th low of 4473.40. If prices remain between these points, traders may continue to look for range based trading opportunities

CAC 40, Daily

CAC 40 Continues Ongoing Consolidation Pattern

(Created Using TradingView Charts)

In the short term, the CAC 40 is trading above the final point of intraday resistance found at 4,535.70. This area is denoted in the graph below as the R4 Camarilla Pivot, and if prices remain above this point it may suggest a continued bullish bias for the Index. Traders should not that a continued move higher at this point may expose broader points of resistance, which includes the November 22nd high at 4,571.80.

In the event of a price reversal, traders should look for prices to trade back inside of today’s R3 pivot found at 4,523.30. A move to this point would suggest a change in price momentum and open the CAC 40 to trade towards values of support. This includes the S3 pivot displayed below at 4,497.70.

CAC 40, 30 Minutes with Pivot

CAC 40 Continues Ongoing Consolidation Pattern

(Created Using TradingView Charts)

--- Written by Walker, Analyst for DailyFX.com

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